INSUBCONTINENT EXCLUSIVE:
SEBI has asked PTC India Financial Services to check out corporate governance issuesNew Delhi: Markets regulator Securities and Exchange
Board of India (SEBI) has actually directed PTC India Financial Services (PFS) to deal with corporate governance and other issues raised by
its former chief along with other independent directors, before it conducts the board meeting.The company informed in a filing that SEBI has
actually also asked it to submit an action taken report on the matter within 4 weeks.Last week, on January 22, 2022, a conference of the
board of directors was supposed to be held, however due to lack of quorum in line with SEBI's policies, it might not take place.Three
independent directors of the company, specifically Kamlesh Shivji Vikamsey, Santosh B Nayar and Thomas Mathew, had actually resigned en
masse from the board of PFS pointing out corporate governance and other problems on January 19
The business has actually received a communication dated January 22, 2022 from the SEBI informing that the business is directed to attend to
the CG (business governance) concerns and all other problems raised by the resigning IDs (independent directors) and ex-chairperson
initially, before holding any Board conference and to submit an action taken report in the regard to SEBI within 4 weeks, the business
stated in the regulatory filing.Further, the company has actually filed an application with SEBI for looking for exemption from relevant
provisions of SEBI (LODR) Regulations, 2015 to schedule the Board conference for consultation of Independent Directors, it informed.The
independent directors of the business resigned on January 19, 2022 discussing business governance issues as raised by the ex-chairman in the
PFS board conference dated August 5, 2021, it stated.It is pertinent to point out that PFS' MD - & CEO addressed all the concerns of the
ex-chairman in the exact same board conference, the company explained.On the same date (August 5, 2021) the board, including ex-chairman and
outbound independent directors, provided a tidy corporate governance report for financial year ending March 31, 2021 and acknowledged with
deep appreciation the co-operation gotten from directors, it even more stated.Subsequently, on September 24, 2021 ex-chairman addressed the
shareholders of the company in 15th Annual General Meeting with appreciation to the company and discussing no concern associated to
corporate governance, the business informed through the filing.Earlier on January 21, PTC India chairman Rajib Kumar Mishra had stated in a
virtual interview that the PFS board will be satisfying on Saturday (January 22)
Nevertheless, he had not divulged the information about the program of the meeting, saying it was confidential.At present, there are three
members on board of the PFS, chairman and handling director Rajib Kumar Mishra, Pankaj Goel (chief financial officer) and PFS MD and CEO
Pawan Singh.Last week, independent director of the PTC India, Rakesh Kacker, in his resignation letter, had said that in spite of best
shots, the independent directors might not encourage the management of PTC and PFS to take proper action to run the business in accordance
with what we considered the right strategy .
